We got our volatility index bounce, now we have to see how the internals repair to get a better idea of how long it will last. There was improvement in both the market internals and the screened stock ratio, at 10 to 8 favoring selling. We may continue to get good tech bounces from being oversold and as short sellers cover, but the risk is still high so "Lite" mode is still the safest positioning.
The defensive plays took a back seat to the comeback in the techs. And since that is where the volume goes, and they continue to have the highest growth prospects, the techs dominated the screening. That doesn't necessarily make them the best plays at this point, but does allow a better mix of stocks in the watchlist.
Longs: AVT, AZO, BAX, CAT, GLC, KLAC, MU, NOVT, TEVA and URL.
Good Trading!!
Sam
savvy-trader.com |
